FOR IMMEDIATE RELEASE

Singapore

The Wealth Management Institute ("WMI"), the first center of excellence for wealth management education in Asia, held its official launch today. WMI provides wealth management professionals with a unique combination of academic learning and practical experience, adopting an Asian focus complemented by a global perspective. Being the focal point for continued education and research, WMI aims to enhance standards of professionalism in the field and establish Singapore as the Asian hub for wealth management.

The inception of WMI is a concrete follow up on the Singapore Economic Review Committee's recommendations announced in September 2002 to develop Singapore as a regional leader in wealth management and a premier education hub. Responding to the demand of the wealth management industry, the Government of Singapore Investment Corporation ("GIC") and Temasek Holdings (Private) Limited will play a catalytic role in this initiative, with the support of the Monetary Authority of Singapore (MAS).

WMI works closely with its significant academic partners, which include the Singapore Management University (SMU), the Swiss Banking School (SBS) and the Association of Investment Management and Research (AIMR), to offer a spectrum of programmes that would enhance professionalism and meet the needs of a dynamic wealth management industry.

In partnership with WMI, the wealth management industry players will take on an active role to underscore the needs, develop the content and co-teach the programmes. WMI's industry partners, including The Citigroup Private Bank, Credit Suisse Private Banking, DBS, HSBC Republic, JPMorgan Private Bank and UBS Wealth Management as well as institutional fund managers like PIMCO, Schroders Investment Management amongst others, will be instrumental in WMI's emphasis on practice-oriented education through their offer of internship opportunities and scholarship awards to participants in WMI's Masters of Science in Wealth Management programme.

Mr Ng Kok Song, Chairman WMI, said, "WMI is motivated by a fast-moving industry that is seeing an increased demand for professionally trained wealth managers. I am confident that over time, we will establish a reputation as a global leader in the wealth management education and distinguish ourselves by the highest quality in student intake, faculty teaching and internship training."

WMI's programmes will cater to the needs of both senior and junior practitioners in the wealth management industry. Its flagship programme, Masters of Science in Wealth Management (MWM), will be conducted by SMU, in collaboration with SBS. MWM is a specialised degree that covers the entire value chain of wealth management from asset management, sale and distribution of financial products, to financial advice. A key distinguishing feature will be its on-the-ground experience, internships and scholarships supported by leading wealth management companies. A module of the Masters programme will be conducted in Switzerland, where the participants would have the opportunities to interact with practitioners and industry players beyond the region.

WMI will provide the opportunities for individuals to upgrade their skills and competence through its series of short courses. These short courses are aimed at teaching the diverse aspects of the professions at various levels, including product knowledge, finance/banking, asset allocation, ethics, compliance and legal issues, and selling and marketing techniques.

WMI will also be developing platforms, such as the Global Investors Workshop -Asia and the Fund Management/Private Banking Retreat, for bringing together professionals and practitioners for networking and discussion of strategic global issues, and trends related to the wealth management industry.

WMI aims to attract talents, upgrade professional competence and contribute to the growth of the wealth management industry in Singapore and the region.

About Government of Singapore Investment Corporation Pte Ltd

GIC is a global investment management company established in 1981 to manage Singapore's foreign reserves. With a network of five overseas offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, money market instruments, real estate and special investments. With a portfolio of more than US$100 billion, it is now amongst the world's largest fund management companies.

For more information, please visit http://www.gic.com.sg

About Temasek Holdings

Temasek Holdings (Private) Limited is an investment holding company based in Singapore. Established in 1974, it holds and manages investments in companies which are involved in a wide range of business activities, from port, shipping and logistics, to banking and financial services, airlines, telecoms and media, power and utilities, and rail. Many of these companies are leading companies in Singapore, including Singapore Airlines, Singapore Telecoms, Singapore Technologies, Neptune Orient Lines-APL, PSA Corporation, DBS Bank and Singapore Power. The listed companies in the Temasek Group represent approximately 20% of the market capitalisation of the Singapore Exchange.

For more information, please visit http://www.temasekholdings.com.sg/

About Singapore Management University

Incorporated on 12 January 2000, SMU is Singapore's third university funded by the Government. The university's aim is to groom outstanding business leaders and creative entrepreneurs capable of excelling in a rapidly changing and dynamic world. A collaboration with America's top business school - The Wharton School of the University of Pennsylvania - allows SMU to draw on Wharton's academic and research strengths across all major disciplines. Today, SMU comprises four schools: the School of Business, School of Accountancy, School of Economics and Social Sciences, and the School of Information Systems, which has a partnership with IT-renowned Carnegie Mellon University. In the past three years, SMU's executive education programmes and events have attracted over 1500 participants from more than 25 countries. Currently located at the historical Bukit Timah campus, SMU will move to its permanent city campus in Singapore's civic and business hub in 2005.

For more information, please visit http://www.smu.edu.sg

About Swiss Banking School

The Swiss Banking School, based in Zurich, was established in 1987 as a non-profit foundation. The members of the foundation are leaders in the area of wealth management: Bank Julius Baer Ltd, Bank Vontobel AG, Credit Suisse Group, Lombard Odier Darier Hentsch & Cie, and UBS AG. The Swiss Banking School focuses exclusively on executive education for financial institutions. In linking renowned academics and senior practitioners, its objective is to help executives understand the latest developments and assess the strategic implications for the finance industry. Each year in its exclusive International Private Banking & Wealth Management Retreat it gathers 25 senior executives from private banking from all over the world for a week-long seminar on strategic developments in wealth management. To remain at the forefront of global developments in banking and finance, the Swiss Banking School co-operates with reputed academics and professionals, and fosters a wide network of finance executives through its Alumni Association.

For more information, please visit http://banking-school.ch/

About Association for Investment Management and Research

The Association for Investment Management and Research® (AIMR®) is an international, non-profit organisation of more than 65,000 investment practitioners and educators in over 100 countries. As the sponsor of the prestigious CFA® designation, AIMR is a global leader in educating and examining investment managers and analysts. AIMR's mission is to serve its members and investors as a global leader in educating and examining investment managers and analysts and sustaining high standards of professional conduct. AIMR's membership is global in scope, and its activities are worldwide. AIMR offers services in three broad categories: Education through seminars and publications; Professional Conduct and Ethics; and Standards of Practice and Advocacy. AIMR's members are employed as securities analysts, portfolio managers, strategists, consultants, educators, and other investment specialists. These professionals practice in a variety of fields, including investment counseling and management, banking, insurance, and investment banking and brokerage firms.

For more information, please visit http://www.aimr.com

ANNEXES

• Annex 1 - Quotes from WMI Key Industry Partners
• Annex 2 - List of WMI Industry Partners
• Annex 3 - WMI Partners
• Annex 4 - Master of Science in Wealth Management (MWM) Factsheet

For further information, please contact

Eva Ho
Director, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: (65) 6828 6763
Mobile: (65) 9617 6234
Email: evaho@temasek.com.sg

Serene Lee
Assoc Director, Corporate Communications
Temasek Holdings (Pte) Ltd
Tel: (65) 6828 6765
Mobile: (65) 9692 0918
Email: serenelee@temasek.com.sg